Global Case Studies for "The Strategy Engine"¶
50 comprehensive case studies covering Tech Giants, Platform Success Stories, Retail/Consumer Leaders, Fintech/Finance Innovators, Cautionary Tales, and Emerging Players.
PART I: TECH GIANTS (10 Companies)¶
1. Amazon - From Online Bookstore to Everything Store to Cloud Dominance¶
Category: Success | Industry: E-commerce, Cloud Computing, Retail
Timeline: - Founded: 1994 by Jeff Bezos - 1997: IPO at $18/share - 2006: AWS launched, creating cloud computing category - 2017: Whole Foods acquisition ($13.7B) - Current status: Active, $1.5T+ market cap
Business Model: - Value proposition: Customer obsession across retail, cloud, and entertainment - Revenue model: E-commerce margins, AWS high-margin services, advertising, Prime subscriptions - Key metrics: $574B revenue (2023), 200M+ Prime members, 32% cloud market share
Strategic Analysis: - Key decisions: (1) Reinvesting all profits into growth for 20+ years, (2) Launching AWS from internal infrastructure, (3) Prime membership creating flywheel - Moat: Distribution network, AWS scale, data advantage, customer habit formation
Key Lessons: 1. Long-term thinking enables unconventional strategic bets 2. Internal capabilities can become external platforms (AWS)
Chapter Relevance: Chapters on Platform Strategy, Flywheel Economics, Long-term Orientation
Sources: "The Everything Store" by Brad Stone; Amazon Annual Reports
2. Apple - Design-Led Strategy and Ecosystem Lock-In¶
Category: Success | Industry: Consumer Electronics, Software, Services
Timeline: - Founded: 1976 by Steve Jobs, Steve Wozniak, Ronald Wayne - 1997: Jobs returns, near-bankruptcy turnaround - 2007: iPhone launch transforms mobile industry - 2023: First company to reach $3T market cap - Current status: Active, most valuable company globally
Business Model: - Value proposition: Premium integrated hardware-software experience - Revenue model: Hardware margins (40%+ gross), Services (App Store, iCloud, Apple Music) - Key metrics: $383B revenue (2023), 2B+ active devices, Services $85B ARR
Strategic Analysis: - Key decisions: (1) Vertical integration of hardware/software, (2) App Store platform tax (30%), (3) Services pivot for recurring revenue - Moat: Ecosystem lock-in, brand premium, privacy positioning, developer platform
Key Lessons: 1. Vertical integration enables differentiated experiences 2. Hardware installed base creates services monetization opportunity
Chapter Relevance: Chapters on Product Strategy, Ecosystem Building, Premium Pricing
Sources: "Steve Jobs" by Walter Isaacson; Apple Investor Relations
3. Google - Search Monopoly and Platform Dominance¶
Category: Success | Industry: Search, Advertising, Cloud
Timeline: - Founded: 1998 by Larry Page and Sergey Brin - 2004: IPO at $85/share - 2006: YouTube acquisition ($1.65B) - 2015: Alphabet restructuring - Current status: Active, $1.8T+ market cap
Business Model: - Value proposition: Organizing world's information, making it universally accessible - Revenue model: Advertising (80%+ of revenue), Cloud services, Hardware - Key metrics: $307B revenue (2023), 92% search market share, 2B YouTube users
Strategic Analysis: - Key decisions: (1) AdWords auction model innovation, (2) Android open-source strategy, (3) YouTube acquisition and monetization - Moat: Search data flywheel, advertiser network effects, distribution agreements
Key Lessons: 1. Winner-take-all dynamics in search create durable monopoly 2. Open-source can be strategic weapon for platform distribution
Chapter Relevance: Chapters on Network Effects, Advertising Models, Platform Strategy
Sources: "In The Plex" by Steven Levy; Alphabet Investor Relations
4. Microsoft - Cloud Transformation Under Satya Nadella¶
Category: Success | Industry: Enterprise Software, Cloud Computing
Timeline: - Founded: 1975 by Bill Gates and Paul Allen - 2000: Antitrust case, peak market cap - 2014: Satya Nadella becomes CEO - 2023: OpenAI partnership, $10B+ investment - Current status: Active, $2.8T+ market cap
Business Model: - Value proposition: Productivity tools and cloud infrastructure for enterprises - Revenue model: Cloud subscriptions (Azure, M365), Enterprise licenses, LinkedIn, Gaming - Key metrics: $211B revenue (2023), Azure 24% cloud market share, 400M+ M365 users
Strategic Analysis: - Key decisions: (1) Nadella's "cloud-first, mobile-first" pivot, (2) Open-source embrace, (3) GitHub and LinkedIn acquisitions - Moat: Enterprise relationships, integrated productivity suite, developer ecosystem
Key Lessons: 1. Cultural transformation can revitalize mature companies 2. Strategic acqui-hires (GitHub, LinkedIn) compound platform value
Chapter Relevance: Chapters on Corporate Transformation, CEO Leadership, M&A Strategy
Sources: "Hit Refresh" by Satya Nadella; Microsoft Annual Reports
5. Netflix - Three Business Model Transformations¶
Category: Success | Industry: Entertainment, Streaming
Timeline: - Founded: 1997 by Reed Hastings and Marc Randolph - 2007: Streaming launch alongside DVD business - 2013: House of Cards, original content era begins - 2022: Ad-supported tier launch, password crackdown - Current status: Active, $250B+ market cap
Business Model: - Value proposition: On-demand entertainment anywhere, anytime - Revenue model: Subscription tiers ($6.99-$22.99/month), advertising tier - Key metrics: $33B revenue (2023), 260M+ subscribers, $17B content spend
Strategic Analysis: - Key decisions: (1) Cannibalizing DVD business for streaming, (2) Original content investment, (3) Ad-tier pivot for growth - Moat: Content library, recommendation algorithm, global scale
Key Lessons: 1. Willingness to cannibalize existing business enables transformation 2. Content ownership shifts economics from licensing to amortization
Chapter Relevance: Chapters on Business Model Innovation, Disruption, Content Strategy
Sources: "No Rules Rules" by Reed Hastings; Netflix Investor Relations
6. Meta/Facebook - Network Effects and Privacy Challenges¶
Category: Ongoing | Industry: Social Media, Advertising, Metaverse
Timeline: - Founded: 2004 by Mark Zuckerberg - 2012: IPO at $38/share, Instagram acquisition ($1B) - 2014: WhatsApp acquisition ($19B) - 2021: Rebrand to Meta, metaverse pivot - Current status: Active, $1.2T+ market cap
Business Model: - Value proposition: Connecting people globally through social platforms - Revenue model: Targeted advertising (97% of revenue), Reality Labs hardware - Key metrics: $135B revenue (2023), 3.9B monthly active users across family of apps
Strategic Analysis: - Key decisions: (1) Instagram and WhatsApp acquisitions, (2) Metaverse pivot ($40B+ invested), (3) AI infrastructure investments - Moat: Network effects across platforms, advertiser tools, data advantage
Key Lessons: 1. Acquiring competitive threats can preserve network monopoly 2. Platform pivots carry massive execution risk (metaverse)
Chapter Relevance: Chapters on Network Effects, M&A Strategy, Platform Risk
Sources: "The Facebook Effect" by David Kirkpatrick; Meta Investor Relations
7. Tesla - First Principles Manufacturing and Market Creation¶
Category: Success | Industry: Automotive, Energy, AI
Timeline: - Founded: 2003 by Martin Eberhard and Marc Tarpenning (Musk joined 2004) - 2008: Roadster launch, near-bankruptcy - 2017: Model 3 mass production begins - 2023: Largest EV manufacturer globally - Current status: Active, $800B+ market cap
Business Model: - Value proposition: Accelerating world's transition to sustainable energy - Revenue model: Vehicle sales, energy storage, FSD software, Supercharger network - Key metrics: $97B revenue (2023), 1.8M vehicles delivered, 50K+ Superchargers
Strategic Analysis: - Key decisions: (1) Vertical integration of manufacturing, (2) Direct sales model, (3) Software-defined vehicle approach - Moat: Manufacturing efficiency, charging network, data from fleet, brand
Key Lessons: 1. First principles thinking enables rethinking entire industries 2. Vertical integration can overcome supply chain constraints
Chapter Relevance: Chapters on First Principles Strategy, Manufacturing Innovation, DTC Models
Sources: "Elon Musk" by Walter Isaacson; Tesla Investor Relations
8. Nvidia - From Gaming Graphics to AI Infrastructure¶
Category: Success | Industry: Semiconductors, AI Computing
Timeline: - Founded: 1993 by Jensen Huang, Chris Malachowsky, Curtis Priem - 1999: Invented GPU, IPO - 2012: GPUs used for deep learning (AlexNet moment) - 2023: $1T market cap, AI boom - Current status: Active, $1.2T+ market cap
Business Model: - Value proposition: Accelerated computing for AI, gaming, and enterprise - Revenue model: GPU hardware sales, software (CUDA), data center solutions - Key metrics: $61B revenue (FY2024), 80%+ AI training chip market share
Strategic Analysis: - Key decisions: (1) CUDA software ecosystem investment (2006), (2) Data center pivot, (3) Full-stack AI platform approach - Moat: CUDA ecosystem lock-in, AI training dominance, software moat
Key Lessons: 1. Software ecosystems create hardware lock-in 2. Adjacent market transitions can create massive value (gaming to AI)
Chapter Relevance: Chapters on Platform Strategy, Ecosystem Building, Technology Transitions
Sources: Nvidia Investor Relations; "The AI Revolution" industry reports
9. YouTube (Alphabet) - Platform Monetization at Scale¶
Category: Success | Industry: Video Streaming, Advertising
Timeline: - Founded: 2005 by Chad Hurley, Steve Chen, Jawed Karim - 2006: Acquired by Google for $1.65B - 2018: YouTube Premium and Music launched - 2023: Shorts competing with TikTok - Current status: Active, estimated $300B+ standalone value
Business Model: - Value proposition: Free video platform for creators and viewers worldwide - Revenue model: Advertising (pre-roll, display), Premium subscriptions, TV - Key metrics: $31B ad revenue (2023), 2.5B monthly users, 800M Shorts daily views
Strategic Analysis: - Key decisions: (1) Partner Program enabling creator monetization, (2) Premium tier for ad-free experience, (3) Shorts investment against TikTok - Moat: Creator ecosystem, content library, distribution (preinstalled on Android)
Key Lessons: 1. Platform success requires aligning creator and viewer incentives 2. Incumbents can compete with disruptors through feature parity (Shorts)
Chapter Relevance: Chapters on Creator Economy, Platform Monetization, Competitive Response
Sources: Alphabet Investor Relations; "YouTube: Online Video and Participatory Culture"
10. Adobe - Creative Suite to Cloud Subscription Transformation¶
Category: Success | Industry: Software, Creative Tools
Timeline: - Founded: 1982 by John Warnock and Charles Geschke - 2008: Peak perpetual license model - 2013: Creative Cloud subscription launch - 2022: Attempted Figma acquisition ($20B, later abandoned) - Current status: Active, $250B+ market cap
Business Model: - Value proposition: Essential creative and document tools for professionals - Revenue model: Subscription (Creative Cloud, Document Cloud, Experience Cloud) - Key metrics: $19B revenue (2023), 30M+ Creative Cloud subscribers, 90%+ recurring revenue
Strategic Analysis: - Key decisions: (1) Bold shift from perpetual to subscription (risking short-term revenue), (2) Document Cloud expansion, (3) Experience Cloud for enterprise marketing - Moat: Industry standard tools, workflow integration, creative professional dependency
Key Lessons: 1. Subscription transformation requires courage to accept short-term pain 2. Category leadership enables pricing power in subscriptions
Chapter Relevance: Chapters on Business Model Transformation, SaaS Economics, Pricing Strategy
Sources: Adobe Investor Relations; "Subscribed" by Tien Tzuo
PART II: PLATFORM SUCCESS STORIES (10 Companies)¶
11. Airbnb - Marketplace Network Effects and Trust at Scale¶
Category: Success | Industry: Travel, Hospitality, Marketplace
Timeline: - Founded: 2008 by Brian Chesky, Joe Gebbia, Nathan Blecharczyk - 2011: Hit 1M bookings - 2020: IPO during pandemic at $68/share - 2023: Most valuable hospitality company by market cap - Current status: Active, $90B+ market cap
Business Model: - Value proposition: Unique stays and experiences anywhere in the world - Revenue model: Service fees (3% host, 14%+ guest), Experiences - Key metrics: $10B revenue (2023), 7M+ listings, 450M+ guest arrivals cumulative
Strategic Analysis: - Key decisions: (1) Focus on trust and safety systems, (2) Professional photography program, (3) Experiences expansion - Moat: Two-sided network effects, review system, host community, supply diversity
Key Lessons: 1. Trust mechanisms enable transactions between strangers 2. Supply-side focus (hosts) drives marketplace growth
Chapter Relevance: Chapters on Marketplace Dynamics, Network Effects, Trust Building
Sources: "The Airbnb Story" by Leigh Gallagher; Airbnb Investor Relations
12. Uber - Ride-Sharing Economics and Market Expansion¶
Category: Ongoing | Industry: Transportation, Delivery
Timeline: - Founded: 2009 by Travis Kalanick and Garrett Camp - 2014: Global expansion, regulatory battles begin - 2019: IPO at $45/share, profitability challenges - 2023: First profitable year - Current status: Active, $150B+ market cap
Business Model: - Value proposition: Reliable transportation at the tap of a button - Revenue model: Take rate on rides (20-25%), Delivery (Uber Eats), Advertising - Key metrics: $37B revenue (2023), 150M+ monthly active users, 6.5B trips annually
Strategic Analysis: - Key decisions: (1) Aggressive geographic expansion, (2) Uber Eats pivot during pandemic, (3) Autonomous vehicle divestiture - Moat: Driver liquidity, brand recognition, geographic density, multi-product platform
Key Lessons: 1. Unit economics matter even in network effect businesses 2. Diversification (Eats) provides resilience during shocks
Chapter Relevance: Chapters on Unit Economics, Marketplace Liquidity, Regulatory Strategy
Sources: "Super Pumped" by Mike Isaac; Uber Investor Relations
13. Stripe - API-First Payments Infrastructure¶
Category: Success | Industry: Fintech, Payments
Timeline: - Founded: 2010 by Patrick and John Collison - 2011: Launched publicly - 2021: $95B valuation (highest private company) - 2023: Valuation adjusted to $50B, profitability achieved - Current status: Private, highly profitable
Business Model: - Value proposition: Internet economic infrastructure for developers - Revenue model: Transaction fees (2.9% + $0.30), Premium products (Radar, Atlas) - Key metrics: $1T+ payment volume (2023), Millions of businesses, Profitable since 2023
Strategic Analysis: - Key decisions: (1) Developer-first API design, (2) Horizontal expansion (Atlas, Issuing, Treasury), (3) Global payment method coverage - Moat: Developer ecosystem, API integration costs, reliability reputation
Key Lessons: 1. Developer experience as competitive advantage 2. Horizontal platform expansion multiplies customer LTV
Chapter Relevance: Chapters on API Strategy, Developer Platforms, B2B SaaS
Sources: Stripe Company Blog; "The Stripe Story" in Fintech coverage
14. Shopify - Enabling Commerce for Entrepreneurs¶
Category: Success | Industry: E-commerce, SaaS
Timeline: - Founded: 2006 by Tobias Lutke, Daniel Weinand, Scott Lake - 2015: IPO at $17/share - 2020: Pandemic e-commerce boom - 2023: Logistics business sold, focus on core platform - Current status: Active, $100B+ market cap
Business Model: - Value proposition: Arming entrepreneurs with tools to compete in commerce - Revenue model: Subscriptions ($29-$2000/month), Merchant Solutions (payments, shipping) - Key metrics: $7B revenue (2023), 2M+ merchants, $236B GMV
Strategic Analysis: - Key decisions: (1) Platform approach vs. marketplace, (2) Shopify Payments integration, (3) Shop Pay and consumer-facing features - Moat: Merchant lock-in, ecosystem of apps, payment data, Shop network effects
Key Lessons: 1. Enabling entrepreneurship creates passionate customer base 2. Embedded payments multiply platform monetization
Chapter Relevance: Chapters on Platform vs. Marketplace, Enabling Platforms, SMB Strategy
Sources: Shopify Investor Relations; "Tobi Lutke" profiles
15. Salesforce - SaaS Pioneer and CRM Dominance¶
Category: Success | Industry: Enterprise Software, CRM
Timeline: - Founded: 1999 by Marc Benioff, Parker Harris - 2004: IPO, "No Software" positioning - 2016: Einstein AI launched - 2021: Slack acquisition ($27.7B) - Current status: Active, $250B+ market cap
Business Model: - Value proposition: Customer 360 platform for enterprise relationships - Revenue model: Subscription per seat, Multi-cloud upsell - Key metrics: $35B revenue (2024), 150K+ customers, 23% CRM market share
Strategic Analysis: - Key decisions: (1) Cloud-only strategy from founding, (2) Platform (AppExchange) ecosystem, (3) Aggressive M&A (Slack, Tableau, MuleSoft) - Moat: Enterprise relationships, workflow integration, data lock-in, AppExchange
Key Lessons: 1. Category creation ("SaaS") enables category leadership 2. Platform ecosystem compounds customer value
Chapter Relevance: Chapters on SaaS Strategy, Enterprise Sales, M&A Integration
Sources: "Behind the Cloud" by Marc Benioff; Salesforce Investor Relations
16. Zoom - Product-Led Growth and Pandemic Scaling¶
Category: Success | Industry: Video Communications, SaaS
Timeline: - Founded: 2011 by Eric Yuan (ex-WebEx) - 2019: IPO at $36/share - 2020: 300M daily meeting participants (pandemic peak) - 2023: Stabilization, enterprise focus - Current status: Active, $20B+ market cap
Business Model: - Value proposition: Frictionless video communication that just works - Revenue model: Freemium to paid tiers ($149-$250/user/year), Enterprise contracts - Key metrics: $4.5B revenue (2024), 200K+ enterprise customers
Strategic Analysis: - Key decisions: (1) Freemium for viral growth, (2) Quality obsession over feature breadth, (3) Enterprise pivot post-pandemic - Moat: Reliability reputation, enterprise penetration, unified communications platform
Key Lessons: 1. Product quality can overcome established competitors (WebEx, Skype) 2. Viral moments require infrastructure preparedness
Chapter Relevance: Chapters on Product-Led Growth, Viral Mechanics, Enterprise Transition
Sources: Zoom Investor Relations; Eric Yuan interviews
17. Figma - Designer Tools and the $20B Acquisition Attempt¶
Category: Success | Industry: Design Software, SaaS
Timeline: - Founded: 2012 by Dylan Field and Evan Wallace - 2016: Public launch - 2022: Adobe acquisition announced ($20B), later abandoned - 2023: $12.5B valuation, continued independence - Current status: Private, growing rapidly
Business Model: - Value proposition: Collaborative interface design in the browser - Revenue model: Freemium, Professional ($12/editor/month), Enterprise - Key metrics: $500M+ ARR, 4M+ users, $12.5B valuation
Strategic Analysis: - Key decisions: (1) Browser-first vs. desktop apps, (2) Multiplayer collaboration as core feature, (3) Free tier for individual designers - Moat: Collaboration network effects, team switching costs, design system lock-in
Key Lessons: 1. Browser-native enables collaboration advantages 2. Community-led growth creates organic adoption
Chapter Relevance: Chapters on Product-Led Growth, Disrupting Incumbents, Collaboration Strategy
Sources: Figma company blog; "How Figma Won" analyses
18. Notion - Product-Led Growth and Community Building¶
Category: Success | Industry: Productivity Software, SaaS
Timeline: - Founded: 2013 by Ivan Zhao and Simon Last - 2018: Product-market fit achieved after near-failure - 2021: $10B valuation - 2023: AI features launch, continued growth - Current status: Private, $10B+ valuation
Business Model: - Value proposition: All-in-one workspace for notes, docs, wikis, and projects - Revenue model: Freemium, Plus ($8/user/month), Enterprise - Key metrics: $500M+ ARR, 30M+ users, 100K+ teams
Strategic Analysis: - Key decisions: (1) Extreme product focus over marketing, (2) Template gallery for viral distribution, (3) API for ecosystem - Moat: Workflow customization lock-in, community templates, team adoption
Key Lessons: 1. Product excellence can substitute for marketing spend 2. User-generated templates create viral distribution
Chapter Relevance: Chapters on Product-Led Growth, Community Building, Workplace Tools
Sources: Notion company blog; Ivan Zhao interviews
19. Slack - Enterprise Communication and Salesforce Exit¶
Category: Acquired | Industry: Enterprise Software, Communication
Timeline: - Founded: 2013 by Stewart Butterfield (from Flickr team) - 2014: Public launch, rapid adoption - 2019: Direct listing at $38.50/share - 2021: Acquired by Salesforce for $27.7B - Current status: Salesforce subsidiary
Business Model: - Value proposition: Channel-based messaging replacing email for teams - Revenue model: Freemium, Pro ($7.25/user/month), Enterprise - Key metrics: $1.5B revenue (at acquisition), 169K+ paid customers, 12M+ daily active users
Strategic Analysis: - Key decisions: (1) Freemium for bottom-up adoption, (2) App integrations ecosystem, (3) Enterprise security features - Moat: Team communication lock-in, integration network, workplace culture embedding
Key Lessons: 1. Bottom-up enterprise adoption can scale rapidly 2. Strategic acquirer can provide better exit than public markets
Chapter Relevance: Chapters on Enterprise SaaS, M&A Exits, Freemium Economics
Sources: "Work in Progress" podcast; Salesforce acquisition materials
20. Spotify - Music Streaming Economics and Platform Evolution¶
Category: Ongoing | Industry: Music Streaming, Podcasting
Timeline: - Founded: 2006 by Daniel Ek and Martin Lorentzon - 2008: European launch - 2018: Direct listing at $165.90/share - 2023: Podcasting investments write-downs - Current status: Active, $70B+ market cap
Business Model: - Value proposition: All the world's music, accessible anywhere - Revenue model: Freemium, Premium ($10.99/month), Advertising - Key metrics: $14B revenue (2023), 615M users, 239M Premium subscribers
Strategic Analysis: - Key decisions: (1) Label licensing deals enabling catalog, (2) Podcasting expansion ($1B+ invested), (3) Two-sided marketplace for creators - Moat: Playlist curation, user data, catalog breadth, habit formation
Key Lessons: 1. Licensing businesses have margin constraints from content costs 2. Vertical expansion (podcasts) has integration challenges
Chapter Relevance: Chapters on Content Platforms, Licensing Economics, Creator Marketplaces
Sources: Spotify Investor Relations; "Spotify Untold" podcast
PART III: RETAIL/CONSUMER (10 Companies)¶
21. Walmart - Retail Transformation and E-commerce Adaptation¶
Category: Success | Industry: Retail
Timeline: - Founded: 1962 by Sam Walton - 1970: IPO, expansion begins - 2016: Jet.com acquisition ($3.3B), e-commerce pivot - 2023: E-commerce $73B+, omnichannel leader - Current status: Active, $450B+ market cap, largest employer globally
Business Model: - Value proposition: Everyday low prices for mass consumers - Revenue model: Retail margins, Walmart+, Advertising, Financial services - Key metrics: $648B revenue (2024), 10,500+ stores, 2.1M employees
Strategic Analysis: - Key decisions: (1) Supply chain excellence and vendor negotiations, (2) E-commerce investments, (3) Walmart+ subscription launch - Moat: Scale purchasing power, distribution network, store footprint, logistics
Key Lessons: 1. Operational excellence can be strategic differentiation 2. Incumbents can compete in digital through acquisitions and investment
Chapter Relevance: Chapters on Operational Strategy, Retail Economics, Digital Transformation
Sources: "Made in America" by Sam Walton; Walmart Investor Relations
22. Costco - Membership Model Excellence¶
Category: Success | Industry: Retail, Wholesale
Timeline: - Founded: 1983 (merger of Price Club and Costco) - 1985: First Kirkland Signature product - 2023: 90%+ membership renewal rate - Current status: Active, $350B+ market cap
Business Model: - Value proposition: Bulk quality goods at near-cost prices for members - Revenue model: Membership fees ($65-$130/year), Minimal product markup (14% max) - Key metrics: $242B revenue (2023), 130M+ cardholders, $4.6B membership revenue
Strategic Analysis: - Key decisions: (1) Membership model over retail margins, (2) Limited SKUs (4,000 vs. 30,000 typical), (3) Employee-first culture - Moat: Member loyalty, Kirkland private label, treasure hunt experience
Key Lessons: 1. Membership fees can align incentives with customers 2. Constrained selection improves purchasing power and simplicity
Chapter Relevance: Chapters on Membership Economics, Customer Loyalty, Private Label Strategy
Sources: Costco Investor Relations; "The Costco Story" analyses
23. Dollar Shave Club - D2C Disruption of Consumer Packaged Goods¶
Category: Acquired | Industry: Consumer Products, D2C
Timeline: - Founded: 2011 by Michael Dubin and Mark Levine - 2012: Viral video launch (27M+ views) - 2016: Acquired by Unilever for $1B - Current status: Unilever subsidiary, growth slowed
Business Model: - Value proposition: Quality razors delivered to your door, eliminating retail markup - Revenue model: Subscription boxes ($3-$9/month), Product line expansion - Key metrics: $200M+ revenue at acquisition, 3M+ subscribers
Strategic Analysis: - Key decisions: (1) Viral marketing over traditional advertising, (2) Subscription model for recurring revenue, (3) Expansion to full bathroom routine - Moat: Brand, subscription inertia, direct customer relationship
Key Lessons: 1. Viral content can substitute for marketing spend at launch 2. D2C enables margin capture but faces customer acquisition challenges at scale
Chapter Relevance: Chapters on D2C Strategy, Viral Marketing, Brand Building
Sources: Dollar Shave Club viral video; Unilever acquisition materials
24. Warby Parker - D2C Eyewear and Retail Evolution¶
Category: Ongoing | Industry: Retail, Eyewear, D2C
Timeline: - Founded: 2010 by Neil Blumenthal, Dave Gilboa, Andy Hunt, Jeff Raider - 2013: First retail store opened - 2021: Direct listing, $6B valuation - Current status: Active, $2B+ market cap, path to profitability
Business Model: - Value proposition: Designer eyewear at revolutionary prices with social mission - Revenue model: Direct sales ($95-$145 frames), Retail stores, Eye exams - Key metrics: $600M+ revenue (2023), 230+ retail locations, 2.3M+ customers
Strategic Analysis: - Key decisions: (1) Vertical integration of design and distribution, (2) Home try-on program, (3) Retail expansion post-D2C - Moat: Brand, vertical integration, customer data, retail presence
Key Lessons: 1. D2C can disrupt overpriced categories with vertical integration 2. Physical retail provides discovery that digital cannot replace
Chapter Relevance: Chapters on D2C Strategy, Omnichannel Retail, Social Mission
Sources: Warby Parker S-1 filing; Founder interviews
25. Nike - Brand Excellence and DTC Transformation¶
Category: Success | Industry: Apparel, Footwear, Sports
Timeline: - Founded: 1964 by Phil Knight and Bill Bowerman - 1984: Michael Jordan signed, Air Jordan launched - 2017: Consumer Direct Offense strategy - 2023: 44% DTC revenue mix - Current status: Active, $140B+ market cap
Business Model: - Value proposition: Inspiring athletes through innovative products and storytelling - Revenue model: Wholesale, DTC (Nike.com, stores), Licensing - Key metrics: $51B revenue (2023), 44% DTC mix, 160M+ Nike app members
Strategic Analysis: - Key decisions: (1) Athlete endorsement strategy, (2) DTC pivot reducing wholesale dependence, (3) Digital ecosystem (Nike app, SNKRS) - Moat: Brand equity, athlete relationships, design capability, digital engagement
Key Lessons: 1. Brand investment compounds over decades 2. DTC transformation requires channel conflict management
Chapter Relevance: Chapters on Brand Strategy, DTC Transformation, Athlete Marketing
Sources: "Shoe Dog" by Phil Knight; Nike Investor Relations
26. LVMH - Luxury Conglomerate Strategy¶
Category: Success | Industry: Luxury Goods
Timeline: - Founded: 1987 by Bernard Arnault (merger of Louis Vuitton and Moet Hennessy) - 1999: Gucci acquisition battle - 2021: Tiffany acquisition ($15.8B) - 2023: Bernard Arnault briefly world's richest person - Current status: Active, $400B+ market cap, largest luxury company
Business Model: - Value proposition: Curating world's most desirable luxury brands - Revenue model: Premium pricing, Limited distribution, Vertical integration - Key metrics: $86B revenue (2023), 75+ brands, 213K employees
Strategic Analysis: - Key decisions: (1) Brand portfolio diversification, (2) Vertical integration of production, (3) Controlled distribution (limited wholesale) - Moat: Brand heritage, craftsmanship, scarcity management, global retail network
Key Lessons: 1. Luxury requires scarcity management as core strategy 2. Conglomerate model provides diversification and talent leverage
Chapter Relevance: Chapters on Luxury Strategy, Conglomerate Management, Brand Portfolio
Sources: LVMH Annual Reports; "The Luxury Strategy" by Kapferer and Bastien
27. Lululemon - Premium Athleisure and Community Building¶
Category: Success | Industry: Apparel, Retail
Timeline: - Founded: 1998 by Chip Wilson - 2007: IPO at $18/share - 2019: CEO Calvin McDonald expansion strategy - 2023: $40B+ market cap - Current status: Active, premium positioning maintained
Business Model: - Value proposition: Technical athletic apparel for yoga and fitness lifestyle - Revenue model: Premium pricing ($98-$128 leggings), DTC-heavy (93%) - Key metrics: $10B revenue (2024), 711 stores, $1,600+ revenue per square foot
Strategic Analysis: - Key decisions: (1) Premium positioning without discounting, (2) Ambassador and community program, (3) Mirror acquisition (home fitness, later divested) - Moat: Brand community, technical innovation, customer loyalty, DTC model
Key Lessons: 1. Community building creates brand advocacy beyond marketing 2. Premium brands must resist discounting temptation
Chapter Relevance: Chapters on Premium Positioning, Community Strategy, Retail Innovation
Sources: Lululemon Investor Relations; Chip Wilson interviews
28. Starbucks - Experience Retail and Global Expansion¶
Category: Success | Industry: Food & Beverage, Retail
Timeline: - Founded: 1971 in Seattle; Howard Schultz joined 1982 - 1992: IPO, 165 stores - 2008: Schultz returns during crisis - 2023: 38,000+ stores globally - Current status: Active, $100B+ market cap
Business Model: - Value proposition: Third place between home and work, premium coffee experience - Revenue model: Company-operated stores, Licensed stores, CPG products - Key metrics: $36B revenue (2023), 38K+ stores, 75M+ Rewards members
Strategic Analysis: - Key decisions: (1) "Third place" positioning, (2) Rewards program loyalty, (3) China expansion strategy - Moat: Real estate portfolio, brand, Rewards program, supply chain
Key Lessons: 1. Experience differentiation enables premium pricing in commoditized category 2. Loyalty programs create data advantage and switching costs
Chapter Relevance: Chapters on Experience Economy, Loyalty Programs, Global Expansion
Sources: "Pour Your Heart Into It" by Howard Schultz; Starbucks Investor Relations
29. McDonald's - Franchise Model Excellence¶
Category: Success | Industry: Food & Beverage, Quick Service Restaurants
Timeline: - Founded: 1940 (original), 1955 by Ray Kroc (franchising) - 1965: IPO - 2006: McCafe launch - 2023: Most valuable QSR brand - Current status: Active, $200B+ market cap
Business Model: - Value proposition: Fast, affordable, consistent food globally - Revenue model: Franchise fees (95% franchised), Real estate rental, Company-operated stores - Key metrics: $25B revenue (2023), 40,000+ restaurants, 69M+ daily customers
Strategic Analysis: - Key decisions: (1) Franchise model with real estate ownership, (2) Menu localization globally, (3) Digital ordering and delivery integration - Moat: Real estate portfolio, brand, operational systems, franchise ecosystem
Key Lessons: 1. Franchise model enables capital-light scaling 2. Real estate ownership creates value beyond operations
Chapter Relevance: Chapters on Franchise Strategy, Real Estate, Operational Excellence
Sources: "Grinding It Out" by Ray Kroc; McDonald's Investor Relations
30. Southwest Airlines - Low-Cost Carrier Strategy¶
Category: Success | Industry: Airlines
Timeline: - Founded: 1967 by Rollin King and Herb Kelleher - 1971: First flight - 2023: 51 consecutive years of profitability pre-pandemic, recovering post-pandemic - Current status: Active, $20B+ market cap
Business Model: - Value proposition: Low fares with friendly service, democratizing air travel - Revenue model: Ticket sales, no bag fees, no change fees - Key metrics: $26B revenue (2023), 800+ aircraft, 130M+ passengers annually
Strategic Analysis: - Key decisions: (1) Single aircraft type (737), (2) Point-to-point vs. hub-and-spoke, (3) Employee-first culture - Moat: Operational efficiency, culture, hedging strategy, route optimization
Key Lessons: 1. Constraint (single aircraft) enables operational excellence 2. Culture can be sustainable competitive advantage
Chapter Relevance: Chapters on Low-Cost Strategy, Operational Excellence, Corporate Culture
Sources: "Nuts!" by Kevin and Jackie Freiberg; Southwest Investor Relations
PART IV: FINTECH/FINANCE (5 Companies)¶
31. Robinhood - Payment for Order Flow and Retail Trading Disruption¶
Category: Ongoing | Industry: Fintech, Brokerage
Timeline: - Founded: 2013 by Vlad Tenev and Baiju Bhatt - 2015: App launch, commission-free trading - 2021: GameStop saga, IPO at $38/share - 2023: Stabilization, crypto expansion - Current status: Active, $15B+ market cap
Business Model: - Value proposition: Democratizing finance with commission-free trading - Revenue model: Payment for Order Flow (PFOF), Interest income, Gold subscription - Key metrics: $1.9B revenue (2023), 23M+ funded accounts, $98B assets under custody
Strategic Analysis: - Key decisions: (1) Commission-free model disrupting incumbents, (2) Gamification features, (3) Crypto trading addition - Moat: User experience, customer base, brand among young investors
Key Lessons: 1. Free can create massive adoption but requires alternative monetization 2. Gamification attracts users but creates regulatory scrutiny
Chapter Relevance: Chapters on Disruption Strategy, Free Business Models, Regulatory Risk
Sources: Robinhood S-1 filing; Congressional hearing testimonies
32. Coinbase - Crypto Exchange Economics¶
Category: Ongoing | Industry: Cryptocurrency, Fintech
Timeline: - Founded: 2012 by Brian Armstrong and Fred Ehrsam - 2021: Direct listing at $381/share, $85B valuation - 2022: Crypto winter, stock decline - 2023: Recovery, regulatory battles - Current status: Active, $40B+ market cap
Business Model: - Value proposition: Trusted platform to buy, sell, and store cryptocurrency - Revenue model: Transaction fees (varies by product), Staking, Custody, USDC interest - Key metrics: $3.1B revenue (2023), 110M+ verified users, $130B assets on platform
Strategic Analysis: - Key decisions: (1) Compliance-first approach, (2) Institutional products expansion, (3) USDC stablecoin partnership - Moat: Regulatory compliance, institutional trust, liquidity, brand
Key Lessons: 1. Compliance can be competitive advantage in regulated industries 2. Crypto businesses face extreme revenue cyclicality
Chapter Relevance: Chapters on Platform Economics, Regulatory Strategy, Crypto Industry
Sources: Coinbase Investor Relations; SEC filings
33. Square/Block - Payments Ecosystem Evolution¶
Category: Success | Industry: Fintech, Payments
Timeline: - Founded: 2009 by Jack Dorsey and Jim McKelvey - 2015: IPO at $9/share - 2018: Cash App rapid growth - 2021: Renamed to Block, Afterpay acquisition ($29B) - Current status: Active, $40B+ market cap
Business Model: - Value proposition: Economic empowerment through accessible financial tools - Revenue model: Transaction fees (2.6% + $0.10), Cash App, Afterpay BNPL - Key metrics: $21B revenue (2023), 56M+ Cash App monthly actives, $210B GPV
Strategic Analysis: - Key decisions: (1) SMB focus with Square Reader, (2) Cash App consumer pivot, (3) Afterpay acquisition for BNPL - Moat: Two-sided ecosystem (merchant/consumer), Cash App network, Bitcoin exposure
Key Lessons: 1. Hardware can be trojan horse for software ecosystem 2. Consumer and merchant ecosystems can be connected for flywheel
Chapter Relevance: Chapters on Ecosystem Strategy, Payment Economics, Platform Building
Sources: Block Investor Relations; "The Innovation Stack" by Jim McKelvey
34. PayPal - Digital Payments Pioneer¶
Category: Ongoing | Industry: Fintech, Payments
Timeline: - Founded: 1998 (Confinity), merged with X.com 2000 - 2002: Acquired by eBay for $1.5B - 2015: Spun off from eBay - 2023: Leadership transition, margin focus - Current status: Active, $60B+ market cap
Business Model: - Value proposition: Secure, trusted digital payments globally - Revenue model: Transaction fees (2.9% + fixed), Venmo, Braintree - Key metrics: $30B revenue (2023), 430M+ active accounts, $1.5T+ payment volume
Strategic Analysis: - Key decisions: (1) eBay ecosystem initial growth, (2) Venmo acquisition and P2P pivot, (3) Braintree for developer market - Moat: Trust, network effects, merchant acceptance, brand
Key Lessons: 1. Platform origin (eBay) can provide launch distribution 2. Multiple products serve different customer segments
Chapter Relevance: Chapters on Payment Economics, Platform Spin-offs, Digital Trust
Sources: PayPal Investor Relations; "The PayPal Wars" by Eric Jackson
35. Visa/Mastercard - Global Payment Network Effects¶
Category: Success | Industry: Payments, Financial Services
Timeline: - Visa: Founded 1958 (BankAmericard), IPO 2008 - Mastercard: Founded 1966, IPO 2006 - 2023: Duopoly controls 90%+ of card transactions - Current status: Active, combined $800B+ market cap
Business Model: - Value proposition: Secure, ubiquitous payment network connecting merchants, banks, consumers - Revenue model: Transaction fees (0.1-0.2%), Data processing, Cross-border fees - Key metrics: Visa: $33B revenue, Mastercard: $25B revenue; Combined 200B+ transactions annually
Strategic Analysis: - Key decisions: (1) Network model vs. lending risk, (2) Technology investment, (3) Global expansion - Moat: Two-sided network effects, universal acceptance, regulatory moats, trust
Key Lessons: 1. Network businesses can achieve near-monopoly scale effects 2. Avoiding credit risk enables focus on transaction processing
Chapter Relevance: Chapters on Network Effects, Payment Economics, Duopoly Strategy
Sources: Visa and Mastercard Investor Relations; "Electronic Value Exchange" by David Stearns
PART V: FAILURES AND CAUTIONARY TALES (10 Companies)¶
36. WeWork - Governance Failure and Unit Economics Collapse¶
Category: Failure | Industry: Real Estate, Coworking
Timeline: - Founded: 2010 by Adam Neumann and Miguel McKelvey - 2019: IPO cancelled, $47B to $8B valuation collapse - 2021: SPAC merger at $9B valuation - 2023: Bankruptcy filing - Current status: Bankrupt, restructuring
Business Model: - Value proposition: Flexible workspace with community - Revenue model: Long-term leases, short-term member subscriptions (arbitrage) - Key metrics: Peak $4.4B revenue (2019), $47B peak valuation, -$2B annual losses
Strategic Analysis: - Key failures: (1) Lease arbitrage with mismatched durations, (2) Founder governance issues, (3) Overvaluation based on "tech" narrative - What went wrong: Negative unit economics, governance failures, pandemic demand destruction
Key Lessons: 1. Real estate businesses cannot be valued as tech platforms 2. Governance failures enable unsustainable growth strategies
Chapter Relevance: Chapters on Unit Economics, Governance, Valuation Discipline
Sources: "The Cult of We" by Eliot Brown and Maureen Farrell; WeWork S-1
37. FTX - Fraud and Governance Collapse¶
Category: Failure | Industry: Cryptocurrency
Timeline: - Founded: 2019 by Sam Bankman-Fried - 2021: $32B valuation, celebrity endorsements - November 2022: Collapse in 72 hours - 2023: SBF convicted of fraud - Current status: Bankrupt, criminal proceedings
Business Model: - Value proposition: Advanced crypto trading platform - Revenue model: Trading fees, FTT token - Key metrics: Peak $32B valuation, $8B customer funds missing
Strategic Analysis: - Key failures: (1) Customer funds misused, (2) Alameda Research conflicts, (3) No risk management or governance - What went wrong: Fraud, commingling of funds, regulatory arbitrage through offshore structure
Key Lessons: 1. Growth without governance enables fraud at scale 2. Crypto ecosystem lacks traditional financial safeguards
Chapter Relevance: Chapters on Governance, Risk Management, Fraud Detection
Sources: Court filings; "Going Infinite" by Michael Lewis
38. Blockbuster - Disruption Denial¶
Category: Failure | Industry: Entertainment, Retail
Timeline: - Founded: 1985 by David Cook - 2004: Peak 9,000 stores, rejected Netflix acquisition ($50M) - 2010: Bankruptcy filing - Current status: 1 franchise store remaining (Bend, Oregon)
Business Model: - Value proposition: Convenient video rental locations - Revenue model: Rental fees, Late fees (significant profit driver) - Key metrics: Peak $6B revenue, 9,000 stores, 60,000 employees
Strategic Analysis: - Key failures: (1) Late fees as profit center created customer resentment, (2) Rejected Netflix acquisition, (3) Failed to invest in streaming - What went wrong: Innovator's dilemma, existing model too profitable to disrupt
Key Lessons: 1. Profitable legacy models prevent pivoting to future models 2. Customer pain points (late fees) create disruption opportunities
Chapter Relevance: Chapters on Disruption, Innovator's Dilemma, Strategic Myopia
Sources: "Netflix vs. Blockbuster" case studies; "The Innovator's Dilemma"
39. Kodak - The Innovator's Dilemma Exemplified¶
Category: Failure | Industry: Photography, Consumer Electronics
Timeline: - Founded: 1888 by George Eastman - 1975: Invented digital camera internally - 2012: Bankruptcy filing - Current status: Small specialty chemicals company
Business Model: - Value proposition: "Kodak Moment" memories through film and cameras - Revenue model: Razor/blade model (cameras cheap, film margins high) - Key metrics: Peak $16B revenue (1996), 145,000 employees
Strategic Analysis: - Key failures: (1) Invented digital but protected film business, (2) Failed to transition business model, (3) Slow response to smartphone cameras - What went wrong: Classic innovator's dilemma, film margins prevented digital pivot
Key Lessons: 1. Inventing the future is insufficient; must cannibalize present 2. Business model dependency can blind strategic vision
Chapter Relevance: Chapters on Innovator's Dilemma, Business Model Transformation, Strategic Blindness
Sources: "Kodak and the Digital Revolution" HBS case; Company history
40. Nokia - Platform Transition Failure¶
Category: Failure | Industry: Mobile Phones, Telecommunications
Timeline: - Founded: 1865 (rubber works), mobile phones 1982 - 2007: 50%+ global mobile market share - 2014: Mobile division sold to Microsoft ($7.2B) - Current status: Network equipment company, recovered
Business Model: - Value proposition: Reliable mobile phones for everyone - Revenue model: Hardware sales, volume manufacturing - Key metrics: Peak 40% smartphone market share (2007), 50% overall mobile
Strategic Analysis: - Key failures: (1) Symbian OS inadequate for smartphone era, (2) Rejected Android, (3) Microsoft partnership too late - What went wrong: Platform transition failure, hardware thinking in software era
Key Lessons: 1. Hardware leadership does not transfer to software platforms 2. Platform choices are existential decisions
Chapter Relevance: Chapters on Platform Strategy, Technology Transitions, Strategic Timing
Sources: "Ringtone" by Yves Doz; Nokia case studies
41. Quibi - Product-Market Fit Failure¶
Category: Failure | Industry: Entertainment, Streaming
Timeline: - Founded: 2018 by Jeffrey Katzenberg and Meg Whitman - April 2020: Launch with $1.75B raised - December 2020: Shutdown after 6 months - Current status: IP sold to Roku
Business Model: - Value proposition: Premium short-form content for mobile (10-minute episodes) - Revenue model: Subscription ($4.99-$7.99/month) - Key metrics: $1.75B raised, 500K subscribers (vs. 7M target), 6-month lifespan
Strategic Analysis: - Key failures: (1) No product-market fit for paid short-form, (2) Pandemic timing destroyed commute use case, (3) Competed with free alternatives (TikTok, YouTube) - What went wrong: Misread consumer behavior, pricing vs. free alternatives
Key Lessons: 1. Capital cannot substitute for product-market fit 2. Consumer behavior research must precede major bets
Chapter Relevance: Chapters on Product-Market Fit, Consumer Behavior, Startup Failure
Sources: "6 Months to Failure" analyses; Founder interviews
42. Theranos - The Anatomy of Fraud¶
Category: Failure | Industry: Healthcare, Diagnostics
Timeline: - Founded: 2003 by Elizabeth Holmes (age 19) - 2014: $9B valuation, Walgreens partnership - 2015: WSJ investigation exposes fraud - 2022: Elizabeth Holmes convicted - Current status: Dissolved, criminal convictions
Business Model: - Value proposition: Revolutionary blood testing from single drop - Revenue model: Test fees, Licensing (never achieved) - Key metrics: Peak $9B valuation, $700M raised, technology never worked
Strategic Analysis: - Key failures: (1) Technology fundamentally did not work, (2) Fake demos and results, (3) Board lacked domain expertise - What went wrong: Fraud, regulatory deception, patient harm
Key Lessons: 1. Board expertise in core domain is essential for governance 2. "Fake it till you make it" has limits in healthcare
Chapter Relevance: Chapters on Governance, Due Diligence, Fraud Detection
Sources: "Bad Blood" by John Carreyrou; Court documents
43. Peloton - Pandemic Growth to Collapse¶
Category: Failure | Industry: Fitness, Consumer Hardware
Timeline: - Founded: 2012 by John Foley - 2019: IPO at $29/share - 2020: Pandemic surge to $170/share - 2022: Restructuring, CEO replaced, $3B+ losses - Current status: Active, struggling, ~$5/share
Business Model: - Value proposition: Best cardio experience at home with community - Revenue model: Hardware sales ($1,400-$2,500), Subscriptions ($44/month) - Key metrics: Peak $4B revenue (2021), 3M+ subscribers, -$3B losses (2022)
Strategic Analysis: - Key failures: (1) Over-expansion during pandemic, (2) Manufacturing overcapacity, (3) Hardware inventory write-downs - What went wrong: Mistook temporary demand surge for permanent shift
Key Lessons: 1. Pandemic growth was not sustainable secular trend 2. Hardware businesses require demand forecasting discipline
Chapter Relevance: Chapters on Demand Forecasting, Growth Traps, Capital Allocation
Sources: Peloton Investor Relations; "Peloton's Rise and Fall" analyses
44. Intel - Innovation Stagnation¶
Category: Failure | Industry: Semiconductors
Timeline: - Founded: 1968 by Gordon Moore and Robert Noyce - 2000s: Process leadership, 90%+ PC market share - 2020: Lost process leadership to TSMC, Apple transition - 2024: Foundry struggles, massive losses - Current status: Active, attempting turnaround under Pat Gelsinger
Business Model: - Value proposition: Leading-edge semiconductor manufacturing and design - Revenue model: Chip sales, Foundry services (new) - Key metrics: $54B revenue (2023), lost 40%+ market cap from peak
Strategic Analysis: - Key failures: (1) Missed mobile (Atom failure), (2) 10nm process delays, (3) Lost Apple to ARM architecture - What went wrong: Complacency from PC dominance, process execution failures
Key Lessons: 1. Process technology leadership requires constant investment 2. Architectural transitions (x86 to ARM) can disrupt incumbents
Chapter Relevance: Chapters on Innovation Management, Technology Transitions, Incumbent Decline
Sources: Intel Investor Relations; "Chip War" by Chris Miller
45. Yahoo - Strategic Drift and Missed Opportunities¶
Category: Failure | Industry: Internet, Media
Timeline: - Founded: 1994 by Jerry Yang and David Filo - 2000: $125B market cap peak - 2008: Rejected Microsoft's $44.6B offer - 2017: Core business sold to Verizon for $4.48B - Current status: Verizon subsidiary, brand diminished
Business Model: - Value proposition: Web portal and directory - Revenue model: Display advertising, Premium services - Key metrics: Peak $125B market cap (2000), sold for $4.48B (2017)
Strategic Analysis: - Key failures: (1) Missed Google acquisition ($1M offer rejected), (2) Rejected Microsoft acquisition, (3) Failed to compete in search - What went wrong: No clear strategy, serial CEO changes, identity crisis
Key Lessons: 1. Strategic clarity prevents drift and decline 2. Platform leadership requires decisive technology investment
Chapter Relevance: Chapters on Strategic Focus, CEO Transitions, Acquisition Decisions
Sources: "Marissa Mayer and the Fight to Save Yahoo!" by Nicholas Carlson; Yahoo history
PART VI: EMERGING AND ONGOING STORIES (5 Companies)¶
46. OpenAI - AI Platform Dynamics and Governance Challenges¶
Category: Ongoing | Industry: Artificial Intelligence
Timeline: - Founded: 2015 as non-profit by Sam Altman, Elon Musk, others - 2019: Capped-profit structure, Microsoft partnership - 2022: ChatGPT launch, fastest-growing consumer app ever - 2023: Board crisis, Sam Altman briefly ousted then reinstated - Current status: Active, $80B+ valuation, AI leader
Business Model: - Value proposition: Safe artificial general intelligence benefiting humanity - Revenue model: API access, ChatGPT Plus ($20/month), Enterprise - Key metrics: $2B+ ARR, 100M+ weekly users, $80B+ valuation
Strategic Analysis: - Key decisions: (1) Microsoft partnership for compute, (2) API platform strategy, (3) Consumer product (ChatGPT) launch - Strategic challenges: Governance structure, Microsoft relationship, competition, safety debates
Key Lessons: 1. Non-profit to for-profit transitions create governance complexity 2. Platform timing can create winner-take-all dynamics in AI
Chapter Relevance: Chapters on AI Strategy, Governance, Platform Competition
Sources: OpenAI blog; Microsoft partnership announcements; Board crisis coverage
47. SpaceX - First Principles Disruption of Aerospace¶
Category: Success | Industry: Aerospace, Space
Timeline: - Founded: 2002 by Elon Musk - 2008: First successful Falcon 1, near-bankruptcy - 2015: First Falcon 9 landing and reuse - 2023: Starship development, Starlink growth - Current status: Private, $150B+ valuation
Business Model: - Value proposition: Making humanity multi-planetary through affordable space access - Revenue model: NASA contracts, Commercial launches, Starlink subscriptions - Key metrics: $150B+ valuation, 200+ successful launches, 2M+ Starlink subscribers
Strategic Analysis: - Key decisions: (1) Vertical integration of manufacturing, (2) Reusability focus, (3) Starlink for revenue diversification - Moat: Reusability technology, launch cadence, cost structure, Starlink constellation
Key Lessons: 1. First principles enables rethinking "impossible" industries 2. Vertical integration enables dramatic cost reduction
Chapter Relevance: Chapters on First Principles Strategy, Vertical Integration, Moonshot Thinking
Sources: "Elon Musk" by Walter Isaacson; SpaceX launch history
48. DoorDash - Delivery Economics and Market Leadership¶
Category: Ongoing | Industry: Food Delivery, Logistics
Timeline: - Founded: 2013 by Tony Xu, Stanley Tang, Andy Fang, Evan Moore - 2020: IPO at $102/share during pandemic boom - 2023: Market leader with 65%+ share - Current status: Active, $40B+ market cap
Business Model: - Value proposition: Convenient delivery from local merchants - Revenue model: Commission fees (15-30%), DashPass subscription, Advertising - Key metrics: $8.6B revenue (2023), 65%+ US market share, 32M+ monthly users
Strategic Analysis: - Key decisions: (1) Suburban and mid-market focus vs. urban competitors, (2) Merchant-friendly terms, (3) DashPass for retention - Moat: Restaurant relationships, driver density, logistics technology, market share
Key Lessons: 1. Suburban markets can be more defensible than urban 2. Unit economics eventually matter despite growth narrative
Chapter Relevance: Chapters on Marketplace Economics, Delivery Logistics, Competitive Strategy
Sources: DoorDash Investor Relations; "Super Pumped" era coverage
49. Discord - Community Platform Evolution¶
Category: Ongoing | Industry: Social, Gaming, Communication
Timeline: - Founded: 2015 by Jason Citron and Stan Vishnevskiy - 2020: Rejected Microsoft acquisition ($12B rumored) - 2023: Beyond gaming expansion - Current status: Private, $15B valuation
Business Model: - Value proposition: Your place to talk - community servers for any interest - Revenue model: Nitro subscriptions ($9.99-$99.99/year), Server boosts - Key metrics: $500M+ revenue, 150M+ monthly active users, 19M+ servers
Strategic Analysis: - Key decisions: (1) Free core product, premium for power users, (2) Beyond gaming positioning, (3) Rejection of Microsoft acquisition - Moat: Community lock-in, server moderation tools, real-time infrastructure
Key Lessons: 1. Gaming communities can expand to general-purpose 2. Community infrastructure has platform dynamics
Chapter Relevance: Chapters on Community Platforms, Freemium Models, M&A Decisions
Sources: Discord blog; Jason Citron interviews
50. Roblox - Gaming Platform and Metaverse Economics¶
Category: Ongoing | Industry: Gaming, Metaverse, Platform
Timeline: - Founded: 2004 by David Baszucki and Erik Cassel - 2021: Direct listing at $45/share - 2023: Growing beyond gaming to concerts, education - Current status: Active, $25B+ market cap
Business Model: - Value proposition: Platform where anyone can imagine, create, and have fun - Revenue model: Robux virtual currency (platform takes ~75%), Premium subscriptions - Key metrics: $2.7B revenue (2023), 70M+ daily active users, 14M+ creators
Strategic Analysis: - Key decisions: (1) User-generated content platform, (2) Developer revenue sharing (25%), (3) Avatar economy and identity - Moat: Creator ecosystem, young user base, social graph, platform habits
Key Lessons: 1. User-generated content scales better than produced content 2. Platform economics require balancing creator and platform economics
Chapter Relevance: Chapters on Creator Economy, Platform Strategy, Virtual Economies
Sources: Roblox Investor Relations; David Baszucki interviews
CROSS-REFERENCE INDEX¶
By Strategic Theme:¶
Network Effects: Google, Meta, Airbnb, Uber, Visa/Mastercard, Figma, Discord, Roblox
Platform Strategy: Amazon, Apple, Shopify, Salesforce, Stripe, YouTube, OpenAI
Business Model Transformation: Netflix, Microsoft, Adobe, Nike, Kodak, Blockbuster
First Principles Thinking: Tesla, SpaceX, Amazon
Governance/Failure: WeWork, FTX, Theranos, Yahoo
D2C/Brand: Dollar Shave Club, Warby Parker, Nike, Lululemon
Unit Economics: Uber, WeWork, DoorDash, Peloton
Product-Led Growth: Zoom, Figma, Notion, Slack
By Outcome:¶
Dominant Success (15): Amazon, Apple, Google, Microsoft, Nvidia, Visa/Mastercard, Costco, McDonald's, LVMH, Starbucks, Nike, Salesforce, Stripe, SpaceX, Adobe
Strong Success (15): Netflix, Tesla, Airbnb, YouTube, Shopify, Zoom, Lululemon, Southwest Airlines, Square/Block, PayPal, Figma, Notion, Walmart, Discord, Spotify
Ongoing/Evolving (10): Meta, Uber, Robinhood, Coinbase, Intel, Peloton, OpenAI, DoorDash, Roblox, Warby Parker
Acquired (3): Slack (Salesforce), Dollar Shave Club (Unilever), Figma (attempted Adobe)
Failed (7): WeWork, FTX, Blockbuster, Kodak, Nokia, Quibi, Theranos, Yahoo
Document compiled for "The Strategy Engine" book project Total: 50 global case studies across 6 categories Last updated: 2024
